Creative Destruction's Reconstruction: Joseph Schumpeter Revi...
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Saved by 2 people (0 private), first by anonymouse user on 2008-02-11
- Brianddrpm on 2008-02-11 - Tags creative-destruction , economics , entrepreneurship , innovation
- Gsiemens on 2007-12-05 - Tags business , economics
Public Sticky notes
Schumpeter saw farther: that market capitalism destroys its own earlier generations. There is, he wrote, a constant "process of industrial mutation — if I may use that biological term — that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in, and what every capitalist concern has got to live in."
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It is important to stress that a Schumpeterian entrepreneur is not an inventor, but an innovator.
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He did not think governments could maintain enough social insurance to counter the destructive part of capitalism without strangling the sources of rapid growth. But why Schumpeter's Capitalism, Socialism, and Democracy places so much blame on "democracy" is unclear to me: Oligarchs fear change at least as much as democratic electorates do.
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One great test of our era will be whether creative destruction can flourish alongside public order and political liberty. If not, we're in big trouble. But if so — and I'm an optimist on the point — the results could be a marvel.
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Public Comment
on 2008-02-11 by brianddrpm